Report Information - Report Title: Pig Daily Report [1] - Date: October 31, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year, and secondary fattening increases future supply pressure. In October, the pig slaughter volume continued to increase significantly, but the short - term pressure on large - scale farms has eased to some extent, and farmers are reluctant to sell due to the increasing price difference between fat and standard pigs [8]. - On the demand side, the enthusiasm for secondary fattening has decreased, and terminal consumption has increased but with insufficient continuous increment. The orders of slaughtering enterprises are average, and their slaughter volume has decreased [8]. - Overall, the spot market may fluctuate as the supply pressure has been alleviated by secondary fattening, but the continuous upward space is limited. The futures market is expected to fluctuate weakly as there may be double supply pressure before the Spring Festival [8]. Summary by Directory 1. Market Review and Operation Suggestions Pig Market - Futures: On the 30th, the main 2601 contract of live pigs opened flat and then declined, closing at 11,880 yuan/ton, down 2.30% from the previous day. The total open interest of the index increased by 24,476 lots to 341,989 lots [7]. - Spot: On the 30th, the average price of external ternary pigs nationwide was 12.58 yuan/kg, down 0.02 yuan/kg from the previous day [7]. Pig Market Comment - Supply: Long - term supply is expected to increase slightly until the first half of next year, and short - term supply pressure in October is high. However, the short - term pressure on large - scale farms has eased, and farmers are reluctant to sell [8]. - Demand: Secondary fattening has turned to a wait - and - see attitude, terminal consumption has increased but with insufficient continuous increment, and the slaughter volume of slaughtering enterprises has decreased. On October 30th, the slaughter volume of sample slaughtering enterprises was 161,100 heads, a decrease compared to the previous day, week, and month [8]. - Overall: The spot market may fluctuate, and the futures market may fluctuate weakly [8]. 2. Industry News - Not provided in the report 3. Data Overview - Profit: As of October 23rd, the average profit per self - bred and self - raised pig was - 138 yuan/head, a weekly increase of 50.4 yuan/head; the average profit per pig purchased as a piglet was - 378.6 yuan/head, a weekly increase of 53.6 yuan/head [13]. - Piglet Price: The average market sales price of 15 - kg piglets in the week of October 23rd was 255 yuan/head, a decrease of 10 yuan/head from the previous week [13]. - Price Difference: The price difference between 175 - kg fat pigs and standard pigs in the week of October 23rd was 0.69 yuan/jin, a weekly increase of 0.09 yuan/jin [13]. - Fattening Cost: The cost of fattening a 110 - kg pig to 140 kg was 12.02 yuan/kg, a weekly increase of 0.39 yuan/kg; the cost of fattening a 125 - kg pig to 150 kg was 12.38 yuan/kg, a weekly increase of 0.43 yuan/kg [13]. - Average Slaughter Weight: As of the week of October 23rd, the average slaughter weight of pigs nationwide was 127.90 kg, a weekly decrease of 0.35 kg, a monthly decrease of 0.65 kg, and an annual increase of 1.83 kg [13]. - Utilization Rate of Fattening Pens: As of mid - October, the utilization rate of fattening pens was 44.8%, a 12.5 - percentage - point increase from the previous ten - day period and a 10 - percentage - point decrease year - on - year [13].

Group 1: Report Information - Report Name: Pig Daily Report [1] - Date: October 22, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The supply of live pigs is expected to increase slightly before the Spring Festival, and the demand elasticity of the 2601 contract remains. Driven by the spot market, it may rebound. Attention should be paid to the sustainability and volume of second - round fattening purchases in the later stage [9] Group 4: Market Review and Operation Suggestions Market Review - Futures: On the 21st, the main 2601 contract of live pigs opened slightly higher, then bottomed out and rebounded, closing up. The highest was 12,315 yuan/ton, the lowest was 11,930 yuan/ton, and the closing price was 12,235 yuan/ton, up 1.12% from the previous day. The total open interest of the index decreased by 593 lots to 290,204 lots [8] - Spot: On the 21st, the average price of ternary pigs outside the country was 11.49 yuan/kg, up 0.22 yuan/kg from the previous day [8] Market Analysis - Supply: In October, the planned live pig出栏量 of sample enterprises increased by 5.14% compared with the actual出栏量 in September. The出栏量 may continue to increase significantly, and the supply pressure remains high. The average slaughter weight increases seasonally. In the long term, the live pig出栏量 is expected to increase slightly until the first half of next year [9] - Demand: Currently, due to low meat - making costs, an expanding price difference between fat and standard pigs, and low pen utilization rates, the enthusiasm for second - round fattening is high, which diverts part of the supply. As the weather in the south turns cold rapidly, terminal consumer demand may continue to rise, and the orders of slaughtering enterprises have increased slightly, with a slight increase in the operating rate and slaughter volume [9] Operation Suggestions - Spot: The supply and demand of live pigs have both increased, but the supply growth rate is still relatively large, and the supply - demand relationship is relatively loose. However, currently driven by the active demand for second - round fattening, the supply has decreased temporarily, and the spot price continues to fluctuate and rebound [9] - Futures: The live pig supply before the Spring Festival is expected to increase slightly. The 2601 contract still has demand elasticity and may rebound driven by the spot market. Attention should be paid to the sustainability and volume of second - round fattening purchases in the later stage [9] Group 5: Industry News - On October 16, the average profit per head of self - breeding and self - raising pigs was - 188.5 yuan/head, a weekly decrease of 111 yuan/head; the average profit per head of purchasing piglets for breeding was - 432.2 yuan/head, a weekly decrease of 112 yuan/head [10][12] Group 6: Data Overview - On the week of October 16, the average market sales price of 15 - kg piglets was 265 yuan/head, a decrease of 17 yuan/head from the previous week [14] - On the week of October 16, the price difference between 175 - kg fat pigs and standard pigs was 0.60 yuan/jin, a weekly increase of 0.1 yuan/jin [14] - The cost of fattening from 110 kg to 140 kg this week was 11.63 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 11.95 yuan/kg, an increase of 0.04 yuan/kg from the previous week [14] - As of the week of October 16, the average slaughter weight of national live pigs was 128.25 kg, a decrease of 0.23 kg from the previous week (a weekly decrease of 0.18%), a decrease of 0.20 kg from the previous month (a monthly decrease of 0.16%), and an increase of 1.91 kg compared with the same period last year (a year - on - year increase of 1.51%) [14] - On the week of October 16, the operating rate of slaughtering enterprises was 32.38%, a decrease of 2.15 percentage points from the previous week and an increase of 5.07 percentage points year - on - year. The enterprise operating rate fluctuated in the range of 30.95 - 34.44% during the week, and the enterprise operation increased slowly [14]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The supply and demand of live pigs are both increasing, but the supply growth rate is still relatively large, resulting in a relatively loose supply - demand situation. However, currently driven by the active replenishment demand of secondary fattening, the supply has decreased temporarily, and the spot price shows an oscillating rebound. The supply of live pigs before the Spring Festival is expected to maintain a slight increase, and the 2601 contract may rebound under the drive of the spot market. Attention should be paid to the sustainability and volume of secondary fattening replenishment in the later stage [8]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 20th, the main 2601 contract of live pigs opened slightly higher and then fluctuated upwards, closing with a positive line. The highest price was 12,280 yuan/ton, the lowest was 11,800 yuan/ton, and the closing price was 12,155 yuan/ton, up 2.88% from the previous day. The total open interest of the index decreased by 9,613 lots to 290,797 lots [7]. - **Spot Market**: On the 20th, the average price of ternary live pigs nationwide was 11.27 yuan/kg, up 0.1 yuan/kg from the previous day [7]. - **Supply - side**: According to the sample data of Yongyi, the planned live pig slaughter volume of sample enterprises in October increased by 5.14% compared with the actual slaughter volume in September, and the slaughter volume may continue to increase significantly. The slaughter weight increases seasonally and slightly. In the long term, the live pig slaughter volume is expected to maintain a slight increase until the first half of next year [8]. - **Demand - side**: Currently, secondary fattening has high replenishment enthusiasm due to low meat - making costs, an expanding price difference between fat and standard pigs, and low pen utilization rates. As the weather in the south turns cold rapidly, terminal consumer demand may continue to rise, and the orders of slaughtering enterprises have slightly increased, with the slaughtering rate and volume increasing slightly. On October 20th, the slaughter volume of sample slaughtering enterprises was 164,600 heads, a decrease of 1,900 heads from the previous day, an increase of 5,400 heads week - on - week, and an increase of 12,600 heads month - on - month [8]. 3.2 Industry News - On October 16th, the average profit per head of self - breeding and self - raising live pigs was - 188.5 yuan/head, a week - on - week decrease of 111 yuan/head; the average profit per head of purchasing piglets for breeding was - 432.2 yuan/head, a week - on - week decrease of 112 yuan/head [9][11]. 3.3 Data Overview - **15kg Piglet Price**: In the week of October 16th, the average market sales price of 15kg piglets was 265 yuan/head, a decrease of 17 yuan/head from the previous week [13]. - **Price Difference between Fat and Standard Pigs**: In the week of October 16th, the price difference between 175 - kg fat pigs and standard pigs was 0.60 yuan/jin, a week - on - week increase of 0.1 yuan/jin [13]. - **Fattening Cost**: The cost of fattening from 110 kg to 140 kg this week was 11.63 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 11.95 yuan/kg, an increase of 0.04 yuan/kg from the previous week [13]. - **Average Slaughter Weight**: As of the week of October 16th, the average slaughter weight of live pigs nationwide was 128.25 kg, a decrease of 0.23 kg from the previous week (a week - on - week decrease of 0.18%), a decrease of 0.20 kg from the previous month (a month - on - month decrease of 0.16%), and an increase of 1.91 kg compared with the same period last year (a year - on - year increase of 1.51%) [13]. - **Slaughtering Enterprise Operating Rate**: In the week of October 16th, the operating rate of slaughtering enterprises was 32.38%, a decrease of 2.15 percentage points from the previous week and an increase of 5.07 percentage points year - on - year. The operating rate of enterprises fluctuated in the range of 30.95 - 34.44% during the week, and the enterprise operation was slowly rising [13].

Report Overview - Report Title: Pig Daily Report - Date: October 17, 2025 - Industry: Pig 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The supply of live pigs is expected to increase slightly before the Spring Festival, and the 2511 and 2601 contracts will continue to be dragged down by the weak spot market and mainly fluctuate weakly. In the current low - price environment, attention should be paid to whether the rhythm and volume of secondary fattening will continue to increase and drive the market. On the spot side, the supply and demand of live pigs are both increasing, but the supply growth rate is still relatively large, and the supply - demand relationship is loose. The spot price may still be mainly fluctuating weakly, and it has rebounded slightly driven by the secondary fattening demand [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 15th, the main 2601 contract of live pigs opened slightly lower and then fluctuated downwards, closing with a negative line at the end of the session. The highest was 12,175 yuan/ton, the lowest was 11,880 yuan/ton, and the closing price was 11,905 yuan/ton, a decrease of 3.21% compared with the previous day. The total open interest of the index increased by 15,190 lots to 296,783 lots [6]. - **Spot Market**: On the 16th, the average price of三元 pigs nationwide was 11.16 yuan/kg, an increase of 0.11 yuan/kg compared with the previous day [6]. - **Supply - side**: In September, the actual completion rate of supply - side slaughter was only 96.5%, and part of the slaughter will be postponed to October. The planned slaughter volume of sample enterprises in October increased by 5.14% compared with the actual slaughter volume in September, and the slaughter volume may continue to increase significantly. The slaughter weight increased seasonally. In the long term, the slaughter of live pigs is expected to maintain a slight increase until the first half of next year [7]. - **Demand - side**: Currently, the cost of secondary fattening to produce meat is low, and there is some replenishment demand after the utilization rate of pens declines, which has increased in some areas. Terminal demand lacks obvious positive support and has declined slightly after the festival, but as the weather continues to cool, residents' consumption may continue to rise, and the demand side may gradually improve. The orders of slaughtering enterprises have increased slightly, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly, but the overall increase may be limited. On October 16th, the slaughter volume of sample slaughtering enterprises was 163,300 heads, an increase of 1,000 heads compared with the previous day, a week - on - week increase of 10,600 heads, and a month - on - month increase of 14,000 heads [7]. 3.2 Industry News - No specific industry news content is provided in the report. 3.3 Data Overview - **Breeding Profit**: As of October 9th, the average profit per head of self - breeding and self - raising pigs was - 77 yuan/head, a week - on - week decrease of 23 yuan/head; the average profit per head of purchasing piglets for breeding was - 320 yuan/head, a week - on - week decrease of 13 yuan/head [16]. - **15kg Piglet Price**: In the week of October 9th, the average market sales price of 15kg piglets was 281 yuan/head, a decrease of 53 yuan/head compared with the previous week [16]. - **Price Difference between 150 - kg Fat Pigs and Standard Pigs**: In the week of October 9th, the price difference between 150 - kg fat pigs and standard pigs was 0.26 yuan/jin, a week - on - week increase of 0.1 yuan/jin [16]. - **National Average Slaughter Weight of Live Pigs**: As of the week of October 9th, the national average slaughter weight of live pigs was 128.48 kg, a decrease of 0.07 kg compared with the previous week, a month - on - month decline of 0.05% [16].

Report Information - Report Title: Pig Daily Report [1] - Date: October 16, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of live pigs is expected to increase slightly before the Spring Festival, and the 2511 and 2601 contracts will continue to be dragged down by the weak spot market and mainly fluctuate weakly. Pay attention to whether the rhythm and volume of secondary fattening will continue to increase to drive the market under the low - price background [9] - The spot market has both supply and demand increasing, but the supply growth rate is still relatively large, and the supply - demand relationship is relatively loose. The spot price is likely to remain in a weakly fluctuating state [9] Section Summaries 1. Market Review and Operation Suggestions - **Futures Market**: On the 15th, the main 2601 contract of live pigs opened flat, then rose and then fell in a fluctuating manner, closing with a negative line. The highest was 12,480 yuan/ton, the lowest was 12,160 yuan/ton, and the closing price was 12,195 yuan/ton, down 1.13% from the previous day. The total open interest of the index increased by 6,157 lots to 281,593 lots [8] - **Spot Market**: On the 15th, the average price of the national outer three - yuan was 11.05 yuan/kg, up 0.16 yuan/kg from the previous day [8] - **Supply and Demand Analysis**: In September, the actual completion rate of supply - side slaughter was only 96.5%, and part of the slaughter will be postponed to October. The planned slaughter volume of sample enterprises in October increased by 5.14% compared with the actual slaughter volume in September. The slaughter weight increased seasonally. In the long - term, the slaughter of live pigs is expected to maintain a slight increase until the first half of next year. On the demand side, the cost of secondary fattening is low, and there is some replenishment demand after the decline in pen utilization. The terminal lacks obvious positive support, but as the weather turns cooler, consumer demand may continue to rise. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have increased slightly, but the overall increase is limited. On October 15th, the slaughter volume of sample slaughtering enterprises was 162,300 heads, an increase of 2,500 heads from the previous day, 9,700 heads week - on - week, and 14,200 heads month - on - month [9] 2. Industry News - Not provided in the report 3. Data Overview - **Profit and Cost**: As of October 9th, the average profit per head of self - breeding and self - raising was - 77 yuan/head, a week - on - week decrease of 23 yuan/head; the average profit per head of purchasing piglets for breeding was - 320 yuan/head, a week - on - week decrease of 13 yuan/head. The average market sales price of 15 - kg piglets in the week of October 9th was 281 yuan/head, a decrease of 53 yuan/head from the previous week [17] - **Price Difference**: In the week of October 9th, the price difference between 150 - kg fat pigs and standard pigs was 0.26 yuan/jin, a week - on - week increase of 0.1 yuan/jin [17] - **Slaughter Weight**: As of the week of October 9th, the average slaughter weight of national live pigs was 128.48 kg, a decrease of 0.07 kg from the previous week, with a month - on - month decline of 0.05% [17]

Report Information - Report Title: Pig Daily Report [1] - Date: October 15, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of live pigs is expected to increase slightly before the Spring Festival. The 2511 and 2601 contracts will continue to be dragged down by the weak spot market and are likely to fluctuate weakly. Attention should be paid to whether the rhythm and volume of second - round fattening will continue to increase to drive the market under the low - price background. Spot prices are likely to fluctuate weakly due to the relatively large supply growth rate despite the increase in both supply and demand [9]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 14th, the main 2601 contract of live pigs opened slightly higher, fluctuated upward, and closed positive. The highest was 12,435 yuan/ton, the lowest was 12,155 yuan/ton, and the closing price was 12,405 yuan/ton, up 2.1% from the previous day. The total open interest of the index decreased by 6,806 lots to 275,436 lots [8]. - **Spot Market**: On the 14th, the national average price of external ternary pigs was 10.89 yuan/kg, up 0.05 yuan/kg from the previous day [8]. - **Supply Side**: In September, the actual completion rate of supply - side slaughter was only 96.5%, and some slaughter will be postponed to October. The planned slaughter volume of sample enterprises in October increased by 5.14% compared with the actual slaughter volume in September. The slaughter weight increased seasonally. In the long term, the slaughter of live pigs is expected to maintain a slight increase until the first half of next year [9]. - **Demand Side**: Currently, the cost of meat production in second - round fattening is low, and there is some demand for restocking after the decline in barn utilization in some areas. Terminal demand lacks obvious positive support and has slightly declined after the festival. However, as the weather continues to cool, consumer demand may continue to rise. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have slightly increased, but the overall increase is limited. On October 14th, the slaughter volume of sample slaughtering enterprises was 159,800 heads, an increase of 500 heads from the previous day, 6,000 heads week - on - week, and 11,100 heads month - on - month [9]. 2. Industry News - Not provided in the report 3. Data Overview - **Breeding Profit**: As of October 9th, the average profit per head of self - breeding and self - raising was - 77 yuan/head, a week - on - week decrease of 23 yuan/head; the average profit per head of purchasing piglets for breeding was - 320 yuan/head, a week - on - week decrease of 13 yuan/head [17]. - **Piglet Price**: In the week of October 9th, the average market sales price of 15 - kg piglets was 281 yuan/head, a decrease of 53 yuan/head from the previous week [17]. - **Price Difference between Fat Pigs and Standard Pigs**: In the week of October 9th, the price difference between 150 - kg fat pigs and standard pigs was 0.26 yuan/jin, a week - on - week increase of 0.1 yuan/jin [17]. - **Average Slaughter Weight**: As of the week of October 9th, the average slaughter weight of national live pigs was 128.48 kg, a decrease of 0.07 kg from the previous week, with a month - on - month decline of 0.05% [17].

Report Investment Rating - No relevant content provided. Core Viewpoints - The spot price is expected to adjust weakly and fluctuately. Considering the data of sows and piglets, the pig slaughter volume may still have a slight increase by December, and it's difficult for pig prices to rise significantly and continuously under sufficient supply. If the price weakness persists, a negative cycle may form, and the pig price is expected to rise at the end of the year. It is recommended to consider a reverse spread of the 11 - 01 contract [1]. Summary by Directory Futures End - **Main Contract Basis Situation**: Affected by the weak performance of the spot market, this week's futures prices adjusted weakly and fluctuated. On September 26, 2025, the benchmark basis of the main contract was 115 yuan/ton [2][3]. - **Price Changes of Each Contract**: The prices of far - month contracts adjusted weakly and fluctuated [7]. - **Inter - monthly Spread Changes**: The inter - monthly spreads adjusted fluctuately, and the 11 - 01 contract showed a reverse spread trend due to the weak spot market [8][11]. Spot End - **Pig Price and Slaughter Volume**: This week, the slaughter volume increased steadily, and the pig price adjusted weakly and fluctuated [14]. - **Regional Price Difference**: The pig price in Sichuan was relatively weak [16]. - **Fat - Standard Price Difference**: The fat - standard price difference adjusted fluctuately. Attention should be paid to whether it can strengthen after the weather turns cool, which may increase the weight - gain willingness of scattered farmers [18]. - **Fresh Sales and Gross - Net Price Difference**: Terminal consumption was relatively stable year - on - year [20]. - **Related Product Price Ratio and Fresh - Frozen Price Difference**: The cost - effectiveness of pork was average. The fresh - frozen price difference of No. 2 meat weakened, and the cost - effectiveness of frozen products was lower than that of fresh products [22]. - **Breeding Profit**: Self - breeding and self - raising still had profits, while purchasing piglets for fattening was slightly in the red [24]. - **Slaughter Weight**: The slaughter weight increased this week [26]. Production Capacity End - **Inventory of Reproductive Sows**: As of the end of July, the national inventory of reproductive sows was 40.42 million heads. Different data sources showed different trends in August, with some showing a slight increase and some a decrease [28]. - **Sow Culling Situation**: This week, the price of culled sows ran weakly. The slaughter volume of culled sows increased month - on - month in August, indicating an increase in the enthusiasm for capacity reduction [30]. - **Sow Production Efficiency and Number of Newborn Healthy Piglets**: In August, the number of newborn healthy piglets increased by 0.15% month - on - month, corresponding to an overall increase in the number of slaughtered pigs in February next year [32]. - **Enthusiasm for Sow and Piglet Replenishment**: This week, the price of 15 - kg piglets ran weakly, and the price of 50 - kg binary sows was stable with a weak trend [34]. Slaughter End - **Slaughter Volume and Slaughter Profit**: The slaughter volume continued to increase month - on - month. In July, the slaughter volume of designated enterprises was 31.66 million heads. The market will gradually enter the destocking stage, and the impact on pig prices will change from positive to neutral and bearish [36]. Import End - In August 2025, the pork import volume was about 80,000 tons, a decrease of about 7,600 tons from the previous month. Currently, the scale of pork imports is limited, and its impact on domestic pig prices is relatively limited [39].

Report Information - Report Name: Pig Daily Report [1] - Date: September 26, 2025 [2] Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The overall supply - demand situation of live pigs is loose, with prices likely to remain weak. On the spot side, although demand has increased, the continuous increase is not obvious, and the supply pressure is relatively large. In the futures market, the supply of live pigs before the Spring Festival is expected to increase slightly, and the 2511 and 2601 contracts are mainly dragged down by the weak spot market [9]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 25th, the main 2511 contract of live pigs opened flat, then rose and then fell and fluctuated lower, closing with a negative line. The highest was 12,760 yuan/ton, the lowest was 12,665 yuan/ton, and the closing price was 12,685 yuan/ton, down 0.12% from the previous day. The total open interest of the index decreased by 536 lots to 247,350 lots [8]. - **Spot Market**: On the 25th, the average price of ternary pigs nationwide was 12.56 yuan/kg, down 0.09 yuan/kg from the previous day [8]. - **Supply - side**: In September, the planned sales volume of sample breeding enterprises was 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual output in August, with a daily average increase of 7.39%. The slaughter weight increased slightly, and long - term pre - Spring Festival slaughter may continue to increase slightly [9]. - **Demand - side**: The price difference between fat and standard pigs widened slightly, and the fattening cost was still low. Currently, secondary fattening is mainly in a wait - and - see state. Although the weather has turned cooler, the demand increase is not obvious, and the sales of white - striped pigs are slow. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have slightly increased. On September 25th, the slaughter volume of sample slaughtering enterprises was 143,600 heads, a decrease of 11,400 heads from the previous day, a week - on - week decrease of 6,000 heads, and a month - on - month increase of 3,400 heads [9]. 3.2 Industry News - As of September 18th, the average profit per self - breeding and self - raising live pig was 7.7 yuan/head, a week - on - week decrease of 46 yuan/head; the average profit per purchased piglet for breeding was - 246.6 yuan/head, a week - on - week decrease of 70.8 yuan/head [10][11]. 3.3 Data Overview - On the week of September 18th, the average market sales price of 15kg piglets was 358 yuan/head, a decrease of 36 yuan/head from the previous week [14]. - On the week of September 18th, the price difference between 150 - kg fat pigs and standard pigs was 0.16 yuan/jin, a week - on - week increase of 0.03 yuan/jin [14]. - The cost of fattening from 110 kg to 140 kg was 12.71 yuan/kg, a decrease of 0.47 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 12.94 yuan/kg, a decrease of 0.58 yuan/kg from the previous week [14]. - On the week of September 18th, the operating rate of slaughtering enterprises was 31.77%, an increase of 0.37 percentage points from the previous week and 2.22 percentage points year - on - year, with the weekly operating rate fluctuating in the range of 31.54 - 31.80 [14]. - As of the week of September 18th, the average slaughter weight of live pigs nationwide was 128.45 kg, an increase of 0.13 kg or 0.10% from the previous week [14].

Industry Investment Rating - No relevant information provided Core Viewpoints - The overall supply and demand of live pigs in the spot market are loose, and the price remains weak. Although the demand has increased, the continuous increase is not obvious, and the supply pressure is relatively greater. In the futures market, the supply of live pigs is expected to increase slightly before the Spring Festival. The 2511 and 2601 contracts are in the peak demand season, and the supply - demand margin may improve, but they are mainly dragged down by the weak spot market [9]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 22nd, the main live pig contract 2511 opened slightly higher, then fluctuated and declined after reaching a high, closing with a negative candle. The highest price was 12,920 yuan/ton, the lowest was 12,780 yuan/ton, and the closing price was 12,795 yuan/ton, down 0.31% from the previous day. The total open interest of the index decreased by 648 lots to 247,641 lots [8]. - **Spot Market**: On the 22nd, the average price of三元 pigs nationwide was 12.67 yuan/kg, down 0.04 yuan/kg from the previous day [8]. - **Supply - side**: In September, the planned sales volume of sample breeding enterprises was 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual slaughter in August, with a daily average increase of 7.39%. The slaughter volume may continue to increase significantly. The utilization rate of second - fattening pens remains high, and there is still pressure on slaughter. The slaughter weight has slightly declined. In the long term, the slaughter of live pigs before the Spring Festival may still maintain a slight growth trend [9]. - **Demand - side**: The price difference between fat and standard pigs has slightly widened, and the fattening cost is still low. Currently, second - fattening is mainly in a wait - and - see state. Although the weather has turned cooler, the continuous increase in demand is not obvious, and the sales of white - striped pigs are slow. There is no obvious positive news. In the second half of the month, the slaughter volume has increased, the enterprise's operating rate has slightly increased, the orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume of slaughtering enterprises have slightly increased. On September 22nd, the slaughter volume of sample slaughtering enterprises was 153,200 heads, a decrease of 400 heads from the previous day, an increase of 13,700 heads week - on - week, and an increase of 9,100 heads month - on - month [9]. 2. Industry News - As of September 18th, the average profit per self - breeding and self - raising live pig was 7.7 yuan/head, a week - on - week decrease of 46 yuan/head; the average profit per purchased piglet for fattening was - 246.6 yuan/head, a week - on - week decrease of 70.8 yuan/head [10][12]. 3. Data Overview - The average market sales price of 15 - kg piglets in the week of September 18th was 358 yuan/head, a decrease of 36 yuan/head from the previous week [15]. - The price difference between 150 - kg fat pigs and standard pigs in the week of September 18th was 0.16 yuan/jin, a week - on - week increase of 0.03 yuan/jin [15]. - The cost of fattening from 110 kg to 140 kg in the week of September 18th was 12.71 yuan/kg, a decrease of 0.47 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 12.94 yuan/kg, a decrease of 0.58 yuan/kg from the previous week [15]. - The operating rate of slaughtering enterprises in the week of September 18th was 31.77%, an increase of 0.37 percentage points from the previous week and 2.22 percentage points year - on - year. The weekly operating rate fluctuated in the range of 31.54 - 31.80 [15]. - As of the week of September 18th, the average slaughter weight of live pigs nationwide was 128.45 kg, an increase of 0.13 kg from the previous week, with a month - on - month increase of 0.10% [15].

Report Information - Report Date: September 19, 2025 [2] - Report Type: Pig Daily Report [1] Industry Investment Rating - No information provided Core Viewpoints - On the supply side, in September, the planned sales volume of sample breeding enterprises was 25.7 million heads, a 3.92% increase from the actual output in August, and the daily average increase was 7.39%. The slaughter volume may continue to increase significantly, and the utilization rate of second - fattening pens remains high. In the long term, the pig slaughter before the Spring Festival may still show a slight increase. On the demand side, the price difference between fat and standard pigs has slightly widened, the fattening cost is still low, and the current second - fattening is mainly in a wait - and - see state. The overall supply - demand is loose, and the price is still weak. In the futures market, the supply of pigs before the Spring Festival is expected to increase slightly. Although the supply - demand margin of the 2511 and 2601 contracts may improve, they are mainly weak due to the current large spot supply pressure [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 18th, the main 2511 contract of live pigs opened lower, then rose and fell back, and fluctuated downwards, closing with a negative line. The highest was 12,965 yuan/ton, the lowest was 12,820 yuan/ton, and the closing price was 12,830 yuan/ton, a 1.72% decrease from the previous day. The total open interest of the index increased by 13,438 lots to 247,934 lots [6] - **Spot Market**: On the 18th, the average price of ternary pigs nationwide was 12.78 yuan/kg, a decrease of 0.17 yuan/kg from the previous day [6] 2. Industry News - As of September 11, the average profit per head of self - breeding and self - raising pigs was 54 yuan/head, a weekly decrease of 45 yuan/head; the average profit per head of purchasing piglets for breeding was - 175.8 yuan/head, a weekly decrease of 63 yuan/head [8][10] 3. Data Overview - **15kg Piglet Price**: In the week of September 11, the average market sales price of 15kg piglets was 394 yuan/head, a decrease of 32 yuan/head from the previous week [13] - **Price Difference between Fat and Standard Pigs**: In the week of September 11, the price difference between 150 - kg fat pigs and standard pigs was 0.13 yuan/jin, a weekly decrease of 0.06 yuan/jin [13] - **Fattening Cost**: The cost of fattening from 110 kg to 140 kg was 13.18 yuan/kg, a decrease of 0.24 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 13.52 yuan/kg, a decrease of 0.17 yuan/kg from the previous week [13] - **Slaughtering Enterprise Operating Rate**: In the week of September 11, the operating rate of slaughtering enterprises was 31.40%, a 0.13 - percentage - point increase from the previous week and a 4.15 - percentage - point increase year - on - year. The weekly operating rate fluctuated between 31.20% and 31.71% [13] - **National Average Slaughter Weight**: As of the week of September 11, the national average slaughter weight of pigs was 128.32 kg, a 0.09 - kg increase from the previous week, a 0.07% increase month - on - month, and a 2.36 - kg increase from the same period last year, a 1.84% increase year - on - year [13]